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Tax Tables

Pensions

Annual allowance

2024/25

2023/24

2022/23

Member contribution allowance (higher of 100% UK taxable earnings or) £3,600 £3,600 £3,600
Maximum allowance £60,000 £60,000 £40,000
Threshold income limit £200,000 £200,000 £200,000
Adjusted income limit £260,000 £260,000 £240,000
Minimum tapered allowance £10,000 £10,000 £4,000
 

Other allowances

2024/25

2023/24

2022/23

Standard lifetime allowance Unlimited £1,073,100 £1,073,100
Money purchase annual allowance £10,000 £10,000 £4,000
Lump sum on retirement tax-free allowance 25% 25% 25%
 

Tax charges on payments above the allowance

2024/25

2023/24

2022/23

Lifetime allowance - if the amount over the allowance is paid as a lump sum N/A Marginal rate 55%
Lifetime allowance - if the amount over the allowance is not paid as a lump sum N/A Marginal rate 25%
Annual allowance Marginal rate Marginal rate Marginal rate
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